Should your business register for VAT before you need to?
Is it time for your business to register for VAT? In the UK, if your VAT taxable turnover exceeds the current threshold of £85,000, you are legally required to pay VAT. However, there are a number of small businesses with a turnover of less than the VAT registration threshold that opt on a voluntary basis…
How to sell a limited company
People decide to sell their limited company for a whole host of different reasons. However, the vast majority of business owners will choose to sell their limited company for the following reasons: Retirement Profit driven Simply not wanting to run the business anymore. You can either sell your shares to a third party buyer,…
Our guide to completing a VAT return
As soon as you reach the VAT threshold, which is currently £85,000, you will be expected to pay VAT on all taxable sales. However, you may also be entitled to claim back VAT that has been charged on business purchases. As part of this process, you will also need to submit a VAT return to…
Are you ready for the new 12.5% VAT rate for hospitality?
If you’re a business in the hospitality sector, or your business claims back VAT on travel or staff entertainment, it’s important that you’re aware of a change to VAT rates. Goods that were previously subject to a discounted rate of 5% VAT, will be affected by a new higher 12.5% rate coming into force on…
Are entertainment expenses tax deductible?
The world of business is not confined to one place. And it’s not uncommon for clients to want to connect with or thank their colleagues or clients outside of the office. For many businesses, entertaining clients and customers is part and parcel of their marketing strategy. So it’s common practice for companies of all shapes…
When should your business register for VAT?
No matter what industry you operate your business in, by law, you must register for VAT if your VAT taxable turnover goes over £85,000, or that you know that you will go over the tax threshold by the end of the year. And, when it comes to working out your VAT taxable turnover, you must…
What to do about deferred VAT payments – everything you need to know.
Back March 2020, when Covid first locked down the UK, HMRC announced that they would allow business owners to defer VAT payments due between 20 March 2020 and 30 June 2020 to 31 March 2021, helping struggling businesses during the pandemic. This came as welcomed news to many businesses operating across a diverse range of…
The new Brexit VAT rules
The new Brexit VAT rules It’s highly likely that you’ve heard about the new Brexit VAT rules for imports and exports, which came into force on January 1st. But, if you haven’t, you’ve certainly landed in the right place. We have created a helpful guide outlining everything that you need to know. This new model for…
Our guide to VAT
Our guide to VAT Here’s our VAT guide to everything you need to know about VAT for your business. What is VAT? VAT stands for Value Added Tax. This tax is applied to the sale of goods or services by companies who are registered in the UK. When a sale is made, the company adds…
